Table 6 Logistic regressions Variable...

Table 6

Logistic regressions

Variable	Coefficient	Wald statistics	Significance	Odds ratio	Coefficient	Wald statistics	Significance	Odds ratio
	Model 1a				Model 1b
SIZE	0.000	0.939	0.332	1.000	0.000	0.909	0.340	1.000
MV	0.000	0.000	0.986	1.000	0.000	0.000	0.997	1.000
BOARD	0.062***	13.383	0.000	1.064	0.061***	13.391	0.000	1.063
FLOAT	0.290	0.911	0.340	1.336	0.235	0.607	0.436	1.264
ROA	−0.626***	7.195	0.007	0.535	−0.629***	7.344	0.007	0.533
JUD.IND [H1a(−)]	−0.221***	8.388	0.004	0.802
STREN. REP [H1b(−)]					−0.267**	5.163	0.023	0.766
MIN. PROT
ANG
JUD.IND*ROA
STREN.REP*ROA
MIN.PROT*ROA
ANG*ROA
CONSTANT	−2.826	36.529**	0.000	0.059	−2.523***	13.809	0.000	0.080
No. observations	5,175				5,175
Nagelkerke R-square	0.019				0.017
	Model 1c				Model 1d
SIZE	0.000	0.860	0.354	1.000	0.000	0.961	0.327	1.000
MV	0.000	0.007	0.933	1.000	0.000	0.009	0.926	1.000
BOARD	0.058***	12.552	0.000	1.060	0.044***	6.907	0.009	1.045
FLOAT	0.138	0.220	0.639	1.148	0.351	1.395	0.238	1.420
ROA	−0.637***	7.452	0.006	0.529	−0.596**	5.895	0.015	0.551
JUD.IND
STREN. REP
MIN. PROT [H1c(−)]	−0.031**	4.567	0.033	0.970
ANG [H1d(−)]					−1.010***	18.293	0.000	0.364
JUD.IND*ROA
STREN.REP*ROA
MIN.PROT*ROA
ANG*ROA
CONSTANT	−1.892	3.606	0.058	0.151	−3.693***	195.105	0.000	0.025
No. observations	5,175				5,175
Nagelkerke R-square	0.016				0.029
	Model 2a				Model 2b
SIZE	0.000	0.884	0.347	1.000	0.000	1.009	0.315	1.000
MV	0.000	0.001	0.978	1.000	0.000	0.004	0.947	1.000
BOARD	0.062***	13.411	0.000	1.064	0.062***	13.887	0.000	1.064
FLOAT	0.267	0.772	0.380	1.306	0.197	0.428	0.513	1.218
ROA	−6.389**	5.068	0.024	0.002	−14.087***	7.130	0.008	0.000
JUD.IND	−0.243***	9.804	0.002	0.784
STREN. REP					−0.320***	7.287	0.007	0.726
MIN. PROT
ANG
JUD.INDROA [H2a*(+)]	1.034**	3.905	0.048	2.812
STREN.REPROA [H2b*(+)]					2.368**	6.429	0.011	10.681
MIN.PROT*ROA
ANG*ROA
CONSTANT	−2.694***	32.193	0.000	0.068	−2.214***	10.416	0.001	0.109
No. observations	5,175				5,175
Nagelkerke R-square	0.022				0.021
	Model 2c				Model 2d
SIZE	0.000	0.905	0.341	1.000	0.000	0.852	0.356	1.000
MV	0.000	0.003	0.958	1.000	0.000	0.000	0.999	1.000
BOARD	0.059***	12.911	0.000	1.061	0.045***	7.137	0.008	1.046
FLOAT	0.130	0.196	0.658	1.139	0.328	1.215	0.270	1.388
ROA	−6.394	2.051	0.152	0.002	−0.832***	9.251	0.002	0.435
JUD.IND
STREN. REP
MIN. PROT	−0.031**	4.802	0.028	0.969
ANG					−0.1091***	18.612	0.000	0.336
JUD.IND*ROA
STREN.REP*ROA
MIN.PROTROA [H2c*(+)]	0.084	1.637	0.201	1.087
ANGROA [H2d*(+)]					2.080**	3.863	0.049	8.008
CONSTANT	−1.840**	3.397	0.065	0.159	−3.691***	194.146	0.000	0.025
No. observations	5,175				5,175
Nagelkerke R-square	0.018				0.032

Variable	Coefficient	Wald statistics	Significance	Odds ratio	Coefficient	Wald statistics	Significance	Odds ratio
	Model 1a				Model 1b
SIZE	0.000	0.939	0.332	1.000	0.000	0.909	0.340	1.000
MV	0.000	0.000	0.986	1.000	0.000	0.000	0.997	1.000
BOARD	0.062***	13.383	0.000	1.064	0.061***	13.391	0.000	1.063
FLOAT	0.290	0.911	0.340	1.336	0.235	0.607	0.436	1.264
ROA	−0.626***	7.195	0.007	0.535	−0.629***	7.344	0.007	0.533
JUD.IND [H1a(−)]	−0.221***	8.388	0.004	0.802
STREN. REP [H1b(−)]					−0.267**	5.163	0.023	0.766
MIN. PROT
ANG
JUD.IND*ROA
STREN.REP*ROA
MIN.PROT*ROA
ANG*ROA
CONSTANT	−2.826	36.529**	0.000	0.059	−2.523***	13.809	0.000	0.080
No. observations	5,175				5,175
Nagelkerke R-square	0.019				0.017
	Model 1c				Model 1d
SIZE	0.000	0.860	0.354	1.000	0.000	0.961	0.327	1.000
MV	0.000	0.007	0.933	1.000	0.000	0.009	0.926	1.000
BOARD	0.058***	12.552	0.000	1.060	0.044***	6.907	0.009	1.045
FLOAT	0.138	0.220	0.639	1.148	0.351	1.395	0.238	1.420
ROA	−0.637***	7.452	0.006	0.529	−0.596**	5.895	0.015	0.551
JUD.IND
STREN. REP
MIN. PROT [H1c(−)]	−0.031**	4.567	0.033	0.970
ANG [H1d(−)]					−1.010***	18.293	0.000	0.364
JUD.IND*ROA
STREN.REP*ROA
MIN.PROT*ROA
ANG*ROA
CONSTANT	−1.892	3.606	0.058	0.151	−3.693***	195.105	0.000	0.025
No. observations	5,175				5,175
Nagelkerke R-square	0.016				0.029
	Model 2a				Model 2b
SIZE	0.000	0.884	0.347	1.000	0.000	1.009	0.315	1.000
MV	0.000	0.001	0.978	1.000	0.000	0.004	0.947	1.000
BOARD	0.062***	13.411	0.000	1.064	0.062***	13.887	0.000	1.064
FLOAT	0.267	0.772	0.380	1.306	0.197	0.428	0.513	1.218
ROA	−6.389**	5.068	0.024	0.002	−14.087***	7.130	0.008	0.000
JUD.IND	−0.243***	9.804	0.002	0.784
STREN. REP					−0.320***	7.287	0.007	0.726
MIN. PROT
ANG
JUD.IND*ROA [H2a(+)]	1.034**	3.905	0.048	2.812
STREN.REP*ROA [H2b(+)]					2.368**	6.429	0.011	10.681
MIN.PROT*ROA
ANG*ROA
CONSTANT	−2.694***	32.193	0.000	0.068	−2.214***	10.416	0.001	0.109
No. observations	5,175				5,175
Nagelkerke R-square	0.022				0.021
	Model 2c				Model 2d
SIZE	0.000	0.905	0.341	1.000	0.000	0.852	0.356	1.000
MV	0.000	0.003	0.958	1.000	0.000	0.000	0.999	1.000
BOARD	0.059***	12.911	0.000	1.061	0.045***	7.137	0.008	1.046
FLOAT	0.130	0.196	0.658	1.139	0.328	1.215	0.270	1.388
ROA	−6.394	2.051	0.152	0.002	−0.832***	9.251	0.002	0.435
JUD.IND
STREN. REP
MIN. PROT	−0.031**	4.802	0.028	0.969
ANG					−0.1091***	18.612	0.000	0.336
JUD.IND*ROA
STREN.REP*ROA
MIN.PROT*ROA [H2c(+)]	0.084	1.637	0.201	1.087
ANG*ROA [H2d(+)]					2.080**	3.863	0.049	8.008
CONSTANT	−1.840**	3.397	0.065	0.159	−3.691***	194.146	0.000	0.025
No. observations	5,175				5,175
Nagelkerke R-square	0.018				0.032

Notes:

***Significant at the 0.01 level; **significant at the 0.05 level

Source: Authors’ own work

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